Fill Up: Original proof of identification. Any of the following are acceptable:
| Scheme | Default Interest Slab Period/s | Kerala | Other States |
|---|---|---|---|
| Express Gold loan -Kerala & Outside Kerala- upto Rs 200000 (Max. Tenor 9 months) | Upto 1 month | 22% | 22% |
| >1 upto 3 months | 24% | 24% | |
| >3 upto 6 months | 27% | 27% | |
| >6 months | 30% | 30% | |
| Express Gold loan - Outside Kerala Abv Rs. 200000/ ( Max. Tenor 9 months) | Upto 3 months | - | 27% |
| > 3 upto 6 months | - | 27% | |
| >6 months | - | 30% | |
| Multi Interest Product (MIP) M14 - 70% of LTV Maximum amount- Upto Rs 50000 | Upto 1 month | 14% | 14% |
| >1 upto 3 months | 17% | 17% | |
| >3 upto 6 months | 21% | 21% | |
| >6 upto 12 months | 24% | 24% | |
| > 12 months | 27% | 27% | |
| Multi Interest Product (MIP ) M18- 80% OF LTV Maximum amount- Upto Rs 300000/- | Upto 3 months | 18% | 18% |
| > 3 upto 6 months | 22% | 22% | |
| >6 upto 12 months | 24% | 24% | |
| > 12 months | 27% | 27% | |
| Multi Interest Product (MIP) M 22 - 90% OF LTV Maximum amount-As per approval | Upto 5 months | 22% | 22% |
| > 5 months upto 12 months | 24% | 24% | |
| > 12 months | 27% | 27% | |
| Additional interest @ 12% p.a. on defaulted interest will be charged if exceeding 12 months under MIP scheme. Max. Tenor for all MIP products is 12 months. | |||
| Muthoot Special Gold loan (MSGL)- Minimum- Rs 2,00,000 (Max. Tenor is 6 months) | Upto 3 months | 15% | 15% |
| > 3 upto 6 months | 17% | 17% | |
| >6 months | 20% | 20% | |
| Processing charges Rs 1000 + Serv Tax | |||
| Special 16- Minimum-Rs 1,00,000 Maximum- Rs 1,99,999 (Max. Tenor 6 months) | Upto 3 months | 16% | 16% |
| > 3 upto 5 months | 20% | 20% | |
| > 5 upto 6 months | 22% | 22% | |
| In the event of default ,Additional interest at the rate of 3% per month will apply on the defaulted EMI for the defaulted no. of days Pre Closure charges applicable . | |||
| Vyapar Mitra - Minimum -Rs 10000 Maximum- Rs 5,00,000 | Upto 1 month | 18% | 18% |
| >1 upto 2 months | 22% | 22% | |
| >2 upto 3 months | 24% | 24% | |
| >3 upto 6 months | 27% | 27% | |
| > 6 months | 30% | 30% | |
| Processing fee 0.05% of loan amount subject to a maximum of Rs 100/- (charged only for the first pledge) | |||
| Traders Flexi Gold loan (TFL) | 0-30 days | 22% | 22% |
| 31-90 days | 24% | 24% | |
| 91-180days | 27% | 27% | |
| Minimum Amount Rs.50000 (Max. Tenor 6 months) | Abv180 days | 30% | 30% |
| 1. Interest is charged on Monthly compounding basis for Express Gold loan & Special 16. For others it will be on ab initio basis from the beginning. 2. In all cases interest slab will shift back to original rate at which the loan was availed if interest is paid up to date along with additional charges if any from the date of clearance of default 3. Service Taxes as applicable will be collected extra along with processing fee. | |||
| MSME loans | |||
| SME Loan- (Hypothecation of Stock ) Minimum : Rs 5,000 Maximum : Rs 50,000 | 24%p.a | Repayment through daily installment (EDI) collected in 104 business days. | |
| Customer will be charged a default rate of 3%per month on the defaulted EDI amount for delayed number of days, if the EDI is not paid every day. | |||
| Processing charges : Rs.300+Serv Tax. Collection cum Service Charge: 1% of loan amount or Rs.150 whichever is higher. | |||
| Suvidha Loan- ( Short term business loan) Minimum : Rs 5,000 Maximum: Rs 15,000 | 24%p.a | Repayment through daily installment (EDI) collected in 104 business days. | |
| Customer will be charged a default rate of 3%per month on the defaulted EDI amount for delayed number of days, if the EDI is not paid every day. | |||
| Processing charges :Rs.150/- Serv. Tax Collection cum Service Charge: 1% of loan amount or Rs.150 whichever is lower. | |||
Processing charges :Rs.150/- Serv. Tax
Collection cum Service Charge: 1% of loan amount or Rs.150 whichever is lower.
* All interest rates mentioned are p.a only
It is a loan given against the security of Gold with a bullet repayment option
The loan amount is calculated based on the weight of gold. We disburse upto 60% of the value of gold pledged under the normal scheme.
No
Yes. The loan amount will be paid in cash across the counter.
The current rate is 24% per annum on diminishing balance. 22% p.a on a daily diminishing balance available in select states.Service charges are: applicable at following rates in all states (Not applicable in Kerala)
| Service charges are:- | |
|---|---|
| UptoRs 5000/- | Rs 6/- |
| Rs 5001/ to Rs 10000/- | Rs 11/- |
| Rs 10001/- to Rs 20000/- | Rs 22/- |
| Rs 20001/- to Rs 50000/- | Rs 45/- |
| Rs 50000/- to Rs 200000/- | Rs 84/- |
| Above Rs 200000/- | Rs 112/- |
Yes, for cash remittances above Rs 25000/- towards gold loan repayment, service charge at rate of 0.25% plus applicable service tax @ 12.36% will be levied.
No, it is not flat rate but daily diminishing rate .The interest is charged on the outstanding balance of the loan.
Yes. We will be giving a loyalty number which you can produce each time you avail a loan; thereby you are exempted from paying the service charges every time.
The minimum weight accepted for pledging is 2 grams and the rate applicable as per the LTV norms for the day will be disbursed. The minimum loan amount is Rs 500/-
Yes you can. The weight of the stone will be reduced while arriving at the amount of loan.
There is no ceiling on the maximum amount that can be availed.
Yes you can pledge any number of times in a day.
You are not eligible to avail loan by pledging 24 carat gold bar as per latest RBI regulations.
There is no fixed EMI and therefore you can remit any amount at any time to reduce your interest burden.
Yes. The minimum interest payable is for 7 days irrespective of how soon it is released by you.
Customer has to bring a valid identity proof and address proof at the first time.
Yes. Repayments can be made in any mode i.edaily, weekly or monthly as per customer convenience, however it should be ensured than interest needs to be remitted within 3 months
If interest is not remitted for 3 months, the interest rate applicable will be 27%. If interest is not remitted for 6 months, the interest rate applicable will be 30%. If no interest is received even after 6 months penal interest at the rate of 6% on the interest due will be charged from the 7th month. The penal interest rate will progress by 1% in the coming months, if no interest is paid.
Yes .You will be informed of the same by notice sent by post to the address given.
Yes. Part release of gold pledged is possible to the extent of amount paid with upto date interest.
For amount less than Rs 5000/- an indemnity bond by customer on plain paper is to be submitted at the time of release of gold. For amount higher than Rs 5000/-an indemnity bond on an Rs 50 stamp paper has to be submitted by customer.
Notices to the customers are sent after 3, 6 and 11 months. Gold is auctioned after 13 months after exhausting all means of recovery.
Yes. The amount can be remitted by a person other than the borrower. However, in the event of closure of loan, the ornaments will be handed over only if the borrower comes in person to collect the same or else an authorization letter has to be produced
Muthoot Blue Power Gold Loan 
To help power, increased life stage aspirations like marriage, children’s education, travel, home improvement etc.
Rs. 10 + Service Tax per pledge irrespective of new or repeat pledge.
[(10 + (10x18%))= 10+1.8 =11.8 rounded to Rs. 12]
| If interest is fully paid within: | Rate of interest p.a. |
|---|---|
| Regularly- 0-30 days | 22% |
| 3 months-31 to 90 days | 24% |
| 6 months-91 to 180 days | 27% |
| 6 months and above | 30% |
Every month before the payment due date a message would be sent to the concerned customer’s registered mobile number mentioning the due date for payment. Therefore, collecting the valid phone number of the customer is an important exercise and is to be strictly followed.
| Month | Type of Notice |
|---|---|
| 3 months | Ordinary notice |
| 5.5 months | |
| 7.5 months | Registered notice |
| 8 months | Auction notice |
Branch should ensure the customer is intimated about renewing the pledge with current rate.